Fundtech and BGC Launch SWIFTNet Service Bureau for Nordic Region; Financial Institutions Benefit from Faster and Lower Cost Transition to SWIFTNet.
JERSEY CITY, N.J.--(BUSINESS WIRE)--Oct. 20, 2003
Fundtech Ltd. (Nasdaq:FNDT FNDT Friday Night Drinking Thread ) a leading provider of payments, settlement and cash management software and services, today announced the launch of a distribution partnership with BGC BGC General Cable Corporation (stock symbol)
BGC Billy Graham Center
BGC Baptist General Conference (formerly Swedish Baptist Denomination)
BGC Boys & Girls Club
BGC Bubblegum Crisis (previously Bankgirocentralen) to deliver outsourced SWIFTNet services to the Nordic financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
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The partnership combines two market leaders: Fundtech, who operates the world's largest SWIFT service bureau through its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. bbp located in Baden Switzerland; and BGC, who operates a hub for Swedish national payments, used by banks, credit card companies and businesses, that processed over 350 million transactions last year.
The partnership will offer financial institutions throughout the Nordic region a simple and quick transition to SWIFTNet, SWIFT's new TCP/IP-based financial messaging network. Since SWIFT has mandated that Nordic financial institutions upgrade to SWIFTNet as early as by the end of 2003, these financial institutions will benefit from the speed to completion of this outsourced approach.
"Fundtech offers a reliable SWIFTNet service solution that avoids a costly and time consuming installation. Our partnership with BGC provides the Nordic financial community with a local provider who understands the market and can service it with local presence. We look forward to working closely with BGC in this important partnership," said Reuven Ben-Menachem, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Fundtech Corporation.
"Through our partnership with Fundtech, we offer Nordic banks and other financial institutions a cost-effective infrastructure for payments and financial messaging that will enable them to focus on their core business. This is completely in line with the financial industry's general development towards the outsourcing of non-strategic operations," says Ragnar Santesson, Managing Director of BGC. "Together with Fundtech, we can offer more powerful economies of scale than we could do on our own."
BGC offers payment and business transaction information services See Information Systems. as well as solutions for secure digital identification. Its products enable secure and efficient business transactions for their clients; Swedish banks, enterprises and public institutions. BGC is owned by SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare
staphylococcal enterotoxin B , Svenska Handelsbanken, ForeningsSparbanken, Danske Bank Danske Bank is a Danish bank. It was founded 5 october 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn (The Danish Farmers' Bank, Mortgage and Exchange Bank of Copenhagen). , SkandiaBanken, Lansforsakringar Bank, Kaupthing Bank Kaupthing Bank (Icelandic: Kaupþing banki) (, OMX Stockholm: KAUP SEK) is an Icelandic bank, headquartered in Reykjavík, Iceland. It was formed by the merger of Kaupthing and Búnaðarbanki Íslands in 2003 and is the largest bank in Iceland. and Nordea. BGC have over 450 employees at the Stockholm office. Today, 19 banks are members of the Bankgiro system, and during 2002, 363 million transactions were managed, the equivalent of SEK SEK
In currencies, this is the abbreviation for the Swedish Krona.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4,043 billion. For more information, please visit www.bgc.se.
Fundtech (www.fundtech.com) is a leading provider of software solutions and services that facilitate payments, settlement and cash management by enabling businesses and their banks to electronically manage cash, process payments and transfer funds. Fundtech's subsidiary, bbp, located in Baden Switzerland, is an accredited accredited
recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria.
cattle herds which have achieved a low level of reactors to, e.g. service bureau for SWIFT, and is the largest service bureau of its kind with over 50 SWIFTNet Service clients.
Fundtech's solutions have been sold to hundreds of banks around the globe. The company was established in 1993 and is a public company listed on the NASDAQ and the Tel Aviv Stock Exchange Tel Aviv Stock Exchange
Israel's only stock exchange. .
Forward Looking Statements:
"Statements included in this Release may contain forward-looking statements. Such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events."